Exam (elaborations)
Chapter 8-LAW Questions with 100% correct answers
- Institution
- Unjustified Enrichment-Basic Rule
Chapter 8-LAW Questions with 100% correct answers
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Chapter 8-LAWAccording to _____________ creditors must have a written ID theft prevention program -
correct answer-Section 114 of FACTA
According to FACTA, people can get a free copy of their credit report _____ every _____
months. - correct answer-once; 12
According to Fair Credit Reporting Act, an AAN must contain - correct answer--What they
applied for
-Date of denial
-Date of mailing
-Reason for denial
-Source of information w/ contact info
-Score if used
-ECOA Disclaimer
According to Reg V, a credit bureau may not report outdated _______ information and must
limit ______ to a credit report. - correct answer-negative; access
According to the Fair and Accurate Credit Transactions Act, how many digits of a card #
must you truncate? - correct answer-to the last 5 digits.
According to the Fair and Accurate Credit Transactions Act, if you pull or review someone's
credit they have to get a _______________ - correct answer-credit score disclosure
FACTA allows those who have been a victim of fraud to freeze their credit as well as
_________ - correct answer-active service members
FCRA allows consumers to limit ______________ offers. - correct answer-prescreened
How often must the National DNC list and Internal DNC lists be updated? - correct
answer-Every 31 days
If someone is on the national DNC list, but not on internal DNC list, can we call them? -
correct answer-Yes, if we have an Established Business Relationship with them we can call
them for 90 days after inquiry or 18 months after closing or collecting a payment.
The __________ requires all creditors to have and maintain __________ - correct
answer-creditors; Customer ID Programs (CIPs)
The DNC List is under the authority of who? - correct answer-the Federal Trade Commission
(FTC)
The purpose of FACTA is to empower _______ to prevent ________ - correct
answer-consumers; ID theft
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